Posted in: Comics, Current News | Tagged: bankruptcy, diamond, hermes press

Hermes Press: Diamond Is "Effectively Halting Distribution" Of Comics

Hermes Press reports that Diamond Comic Distributors is "effectively halting distribution" of comic books

Hermes Press has told its customers that Diamond Comic Distributors has "laid off most of their employees, effectively halting distribution of our products and many others." Their statement reads as follows:

"For the past 20 years, Hermes Press has used Diamond Comics for distribution to comic shops and websites like Amazon. In January, Diamond declared bankruptcy but continued to operate. This past weekend, as some may be aware, Diamond laid off most of their employees, effectively halting distribution of our products and many others. Good news – we are still waiting on final arrival of George Wilson, Phantom 34, and the Dark Shadows Paper Doll book (expected next week). We have always received the products before Diamond, before shipping out to their distribution center for fulfillment on their end. This is why those who ordered directly from us generally get their products before those elsewhere. Now for the bad news – if you ordered any of these titles or future titles from Amazon especially, or other sites, they will not be fulfilled for an undetermined amount of time as we look for a new distributor. As of now, the only way to get our books will be directly through our website. We know this isn't ideal for everyone, but it is the only current option while we work through this change.

"If you are a comic book shop and want to get our products, please reach out to info@hermespress.com directly to discuss options on getting direct shipment and pricing from us. We want to help in any way we can as we know you are also moving through this transition and trying to fill orders.  We need your help and support now, more than ever. We are still sending books to the printer and receiving products, and we plan to continue for a very long time. If you need to pre-order titles, especially those arriving in the near future, please do so at www.hermespress.com and use code MEMORIAL25 for 25% off your order, good through May 27 at 11:50 p.m. (est). We appreciate your support and look forward to getting books into your hands shortly. Please note there may be a delay in email responses as we work through shipping, we are a small team who loves what we do and sometimes it just takes a little time. Thank you for your patience. "

Hermes Press exclusively produces books and comic strip reprints focusing on the art and artists of the comics, cartoon and comic strips, pulp magazines of the 1920s and 1930s, art books covering science fiction, and popular culture. Popular titles include The Phantom, Dark Shadows, Johnny Hazard, and the work of Frank Thorne as well as titles such as Bear With Me, Abby Curled Up on a Roll, The Lazy Goth, and more. They exhibit at San Diego Comic-Con every year.

Tomorrow, Diamond Comic Distributors is due to release solicitations for all the publishers they handle, and the new Diamond Previews catalogue is arriving in comic stores. What happens next, right now, we don't know. You can use these Diamond, Ad Populum, Penguin Random House and bankruptcy tags to keep up with the latest on Bleeding Cool. Here's a timeline if you want to catch up…

• On the announcement of Chapter 11 on the 14th of January, Diamond started a 13-week bankruptcy process run by financial firm Raymond James, got financing to operate, and announced an auction for its assets.
• Those assets included Diamond Comic Distribution, Alliance Gaming Distribution, Diamond Select Toys, CGA and Diamond UK
• Universal Distribution was named the Stalking Horse bidder for Alliance Games and Diamond UK, which required a purchase commitment of thirty-nine million dollars, but with certain discounts and privileges for taking that position.
• The auction took place, and it went late. There was food and breakfast billed for.
• And Alliance Entertainment, or AENT, was named the top bidder for the assets of $72,245,000, though not for Diamond UK. This was widely announced, including by Diamond themselves.
• Then we learned that a joint bid by Universal Distribution and Ad Populum came second and was named the back-up bid, with a bid of $69,130,000. With Universal getting Alliance and Diamond UK, and Ad Populum getting Diamond Comics, Diamond Select Toys and everything else. Basic Fun was third with fifty million.
• A court hearing with the Honorable Judge Rice in Courtroom 9-D at the United States Bankruptcy Court for the District of Maryland at 10 am was intended to ensure the legality of the bid and the process.
• But instead, over that weekend, the debtors declared that they had chosen the back-up bid from Universal and Ad Populum instead of AENT, despite AENT having bid more. No reason was given.
• AENT filed a lawsuit regarding this decision.
• It took the bankruptcy court to reverse that decision and state that AENT, with the higher bid, had won, though they would have to withdraw their lawsuit.
• AENT has terminated their winning bid and purchase.
• Universal Distribution and Ad Populum were back in the running
• Diamond declared "business as usual" but the courts threatened Chapter 7 over late paperwork.
• AENT sued Diamond, claiming fraud
• Diamond says it's all in hand and went back to court, wanting to be owned by Universal and Ad Populum.
• Sale of Diamond to Universal and Ad Populum was approved by the courts.
• Though Ad Populum paid more than we thought.
• Podcast blamed/credited with the current state of affairs
• Diamond tells Skyrush to stop claiming they won CGA.
• As part of court filings, Diamond released details for every comic store on account.
• We have some finality.
• Ad Populum and Universal Distribution officially acquire Diamond and related assets.
• The layoffs have begun.
• And continue.
• Diamond Select Toys has closed
• Diamond try and reassure retailers over ComicSuite
• Courts withdraw Chapter 7 bankruptcy threat
• We look at the future of Diamond Previews again
• PRH pulls out of Diamond entirely
• Well, not entirely, the UK can stay.
• Ad Populum confirm the news.

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